Vimba.co Review (2020)

Vimba.co
  • Ease of Use
  • Beginner Friendly
  • Payment Options
  • Speed
  • Fees
4.3

Summary

Vimba is a platform which allows you to regularly save (i.e. dollar-cost average) into the Bitcoin (BTC), Ethereum (ETH), and NEM (XEM) markets. The company is based in New Zealand, but have recently opened its doors to users in the UK and Europe.

It’s simple to set up and easy-to-use. Rates aren’t great (fixed at 2.49%), but it’s your best option if you want to drip-feed smaller amounts of money into BTC, ETH, or XEM.

Vimba announced on the 24th September 2020 that they were shutting down all of their products.

A great alternative is Coinfloor Auto Buy. With this, you can setup recurring purchases of as a little as £10 worth of Bitcoin (BTC). Fees are just 2% (50p minimum).

Check out Coinfloor’s website for more information.

Although there are plenty of ways to make one-off purchases of Bitcoin (BTC) and other cryptocurrencies, there aren’t many ways that you set up recurring automatic investments.

Vimba is the perfect way to do this. It makes it easy to dollar-cost average into bitcoin (and other cryptocurrencies) in the UK, New Zealand, and Europe.

In this Vimba review, I’m going to dive in and explore how it works and what it has to offer the crypto-community in the UK and New Zealand.

Pros & Cons

Pros

  • Quick, easy, and simple to set up regular automatic Bitcoin (BTC) purchases in the UK, NZ, and the EU.
  • Set the purchase frequency to every week, every 2 weeks, or every month.
  • Instantly buy and sell supported cryptocurrencies with a simple bank transfer.
  • 5/5 Trustpilot rating (over 125 reviews)
  • Been around since 2014.
  • Auto-invest fees are 2.49%, which is quite competitive.

Cons

  • Only supports Bitcoin (BTC), Ethereum (ETH), and NEM (XEM).
  • Instant buying fees are higher (up to 3.49%).

What Is Vimba?

The land of hobbits and sheep.

Vimba (formerly MyCryptoSaver) are based in New Zealand and have been offering their services there since 2014. They currently have a 4.5 rating on Trustpilot (over 125 reviews).

In November 2018, it opened its services to everyone in the UK too. They’ve also recently started providing their services to residents in the EU too.

Vimba’s services include:

  • Set up automatic regular purchases of Bitcoin (BTC), Ethereum (ETH), and NEM (XEM).
  • Instantly buy and sell supported cryptocurrencies in chunks (like you normally would).

They now have more than 10,000 users and, since they started, have delivered more than 1135 BTC to their customers. Apart from its fees (see below), I haven’t heard anything bad about Vimba.

If you signup through this affiliate link, you’ll receive £15 of free Bitcoin (BTC) when you set up and complete your first automatic investment.

Supported Cryptocurrencies

Vimba supports the following cryptocurrencies:

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • NEM (XEM).

You can easily choose what percentage split of each cryptocurrency you want when you set up your automatic investment. It’s quick and easy to change too.

These cryptocurrencies are supported through both its auto-invest and instant buy/sell functions. Vimba does have plans to support additional cryptocurrencies, but they’re being extremely careful about what coins they decide to support.

Here’s exactly what they said when I asked them about this:

“We realise that most of our userbase is very new to crypto and we don’t want to offer them coins that we don’t think are legitimate, decentralised enough, have an actual use case etc”

How Does Vimba Work?

Getting started with Vimba couldn’t be easier.

(Click to enlarge any of these images)

Signup page on Vimba.co

1) Head over to Vimba.co and get yourself registered. Use my affiliate link and you’ll get £15 of free bitcoin when you make your first purchase. You’re required to verify your identity to comply with AML/KYC regulations.

Payment details for Vimba.co

2) Login and select ‘Save’ in the Vimba dashboard. Then scroll down a little and you’ll see the payment details. You’ll use these details to set up a standing order (every week, every half-month, or every month) on a Monday. You’ll need to set up a minimum regular payment of at least £10 to Vimba.

Transactions page on Vimba.co

3) All done! You’ll receive your cryptocurrency (direct to your wallet) on the Friday after Vimba receives your payment. You’ll receive an SMS when that happens.

Vimba Fees

Vimba charges a fixed fee of 2.49% (regardless of how much you buy) when you setup regular purchases.

When compared to alternatives which don’t offer a regular purchase feature (i.e. it’s all manual), here’s how Vimba compare:

 VimbaSolidiBeyondCCBittyliciousWirex
Approximate Fee Percentage2.49%1.5%1.5%2%2.5%
Fees Incurred on £50 Purchase£1.25£0.75£0.75£1£1.25
My Review-Solidi ReviewBeyondCC ReviewBittylicious ReviewWirex Review

As this shows, Vimba isn’t the cheapest way to buy Bitcoin (BTC) in the UK. Remember though: none of the alternatives noted above allow you to set up automatic purchases of Bitcoin (BTC). If that’s what you’re after, then Vimba shouldn’t be discounted.

Vimba Limits

Vimba has the following limits:

  • Minimum Payment: £10 (per week, half-month, or month)
  • Maximum Payment: £2000 every 4-week period (i.e. £500/week)

You can easily adjust, suspend, or cancel your regular purchase by modifying your standing order appropriately.

Summary: Best Way to DCA Into Bitcoin

Vimba is great if you’re looking to set up smaller automatic Bitcoin (BTC), Ethereum (ETH), or NEM (XEM) purchases.

Here’s why:

  • It’s simple and easy. If you know how to set up a standing order, you’re half-way there. I’d be comfortable throwing a technophobe (or someone who doesn’t have much time) at a platform like this.
  • It allows you to cost-average your purchases into popular cryptocurrencies. You can learn more about the pros and cons of cost-averaging here.
  • I wish their fees were lower, but they’re not too bad at all (fixed at 2.49%). Coinbase is their closest alternative, but their fee structure makes it expensive to buy smaller amounts.

I would definitely recommend Vimba to others. I’ve been using it since they released in the UK to brainlessly drip-feed a small amount of money into Bitcoin (BTC) each month. It’s been smooth sailing the whole way through.

What about their instant buy service?

Their instant buy feature looks pretty sleek too.

Here’s what the 1st UK instant buy user had to say about it:

I was impressed! Very smooth & simple process and no issues with verification!

If you’re looking to use this, you’ll pay slightly higher fees.

Buy/Sell AmountFee
Up to £503.49%
Up to £1002.99%
Up to £2502.49%
Up to £5001.99%
Up to £10001.49%

On top of this, you’ll also pay Bitcoin (BTC) network fees when you use the ‘Instant Buy/Sell’ service. This varies, but it’s currently about £1.50.

Ready to test them out yourself?

Signup through this affiliate link and you’ll receive £15 of free Bitcoin (BTC) when you make your first regular purchase.

Buying Bitcoin in the UK

Vimba is a fantastic way to dollar-cost average into Bitcoin (BTC). Just set it and forget it.

But if you want to buy Bitcoin (BTC) in the UK at the best rates, then you should check out these two popular posts:

Questions

Leave any questions you have in the comments below! I’ll get back to you ASAP.

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